Fund Evaluator:
Putnam High Yield M (PHYMX)
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Best Performing in High Yield Bond Over the Last Year
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| 7.2% | Fidelity High Income (SPHIX) |
Fund Details
Putnam High Yield M Overview
Putnam High Yield M (PHYMX) is an actively managed Taxable Bond High Yield Bond fund. Franklin Templeton Investments launched the fund in 1994.
The investment seeks high current income, and capital growth is a secondary goal when consistent with achieving high current income. The fund invests mainly in bonds that are obligations of U.S. companies, are below investment-grade in quality, and have intermediate- to long-term maturities. Under normal circumstances, it invests at least 80% of its net assets in securities rated below-investment-grade. The adviser may consider, among other factors, credit, interest rate and prepayment risks, as well as general market conditions, when deciding whether to buy or sell investments. The fund may also invest in other debt instruments, including loans.
About Putnam High Yield M (PHYMX)
There are 3 members of the management team with an average tenure of 8.11 years: Bryant Dieffenbacher (2024), Robert Salvin (2005), Glenn Voyles (2024). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg US Agg Bond TR USD index with a weighting of 100% and JPM Developed High Yield TR USD index with a weighting of 100%. Putnam High Yield M has 558 securities in its portfolio. The top 10 holdings constitute 10.0% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Putnam High Yield M is part of the Fixed Income global asset class and is within the Taxable Bond fund group. Putnam High Yield M has 15.6% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.5%. There is 0.0% allocated to foreign stock, and 3.9% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 89.9% (74.3% domestic bond, 15.6% foreign bond and 2.6% convertible bond). Putnam High Yield M has -0.4% of the portfolio in cash.
Assets Under Management
The fund has $36 million in total assets, which is below the $545 million average for the High Yield Bond category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
PHYMX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Putnam High Yield M expense ratio is high compared to funds in the High Yield Bond category. Putnam High Yield M has an expense ratio of 1.24%, which is 35% higher than its category average, making the fund expense ratio grade a D. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Putnam High Yield M has a portfolio turnover rate of 45%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 72% for the High Yield Bond category.
Recently, in the month of July 2026, Putnam High Yield M returned -0.1%, which earned it a grade of B, as the High Yield Bond category had an average return of -0.3%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Putnam High Yield M has a trailing yield of 5.83%, which is below the 6.28% category average. The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Putnam High Yield M Grades
Year to date, the fund has returned 2.2%, 0.6 percentage points better than the category, which translates into a grade of A. The fund has returned 5.6% over the past year (grade of B), 7.8% over the past three years (grade of B) and 3.4% per year over the past five years (grade of D) and 4.6% per year over the past 10 years (grade of D).
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PHYMX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| PHYMX Return (NAV) | -0.1% | 0.8% | 5.6% | 7.8% | 3.4% | 4.6% |
| PHYMX Grade | B | A | B | B | D | D |
| +/- Category | 0.2% | 0.4% | 0.7% | 0.3% | -0.3% | -0.3% |
| High Yield Bond Avg | -0.3% | 0.4% | 4.9% | 7.5% | 3.7% | 4.8% |
| PHYMX Tax Cost Ratio | na | na | 2.3% | 2.6% | 2.3% | 2.1% |
PHYMX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| PHYMX Return (NAV) | 2.2% | 8.4% | 7.5% | 11.8% | -12.1% | 4.7% | 5.3% | 13.8% | -4.1% | 6.5% | 15.0% |
| PHYMX Grade | A | B | C | C | F | C | C | C | F | C | B |
| +/- Category | 0.6% | 0.5% | -0.2% | -0.1% | -2.1% | -0.4% | 0.1% | 0.8% | -1.5% | -0.2% | 1.6% |
| High Yield Bond Avg | 1.6% | 7.9% | 7.6% | 11.9% | -10.0% | 5.1% | 5.2% | 13.0% | -2.7% | 6.7% | 13.4% |
| Risk Measures | |
| Standard Deviation: | 4.4% |
| Total Risk Index: | 0.36 - Low |
| Category Risk Index: | 1.09 - Above Average |
| Category Risk Grade: | D (78% Rank) |
| Beta: | 0.65 |
| R-Squared: | 70% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Mid-Cap Growth |
| Bond Investment Style: | Medium Quality Limited Sensitivity |
| Yield: | 5.8% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $833 Mil |
| Fund Total Assets: | $ 36 Mil |
| Share Class Type: | M |
| Portfolio Turnover: | 45% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 20.7 years | |||
| Average Tenure: 8.1 years | |||
| Managers (Year): Salvin Robert (2005), Voyles Glenn (2024), Dieffenbacher Bryant (2024) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 558 |
| % in Top 10 Holdings: | 10.0% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 15.6% |
Portfolio Allocation |
|
| Domestic Stock: | 0.5% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 3.9% |
| Domestic Bond: | 74.3% |
| Foreign Bond: | 15.6% |
| Convertible Bond: | 2.6% |
| Other: | 3.4% |
| Cash: | -0.4% |
Purchase Information
| Fund Family: | Franklin Templeton Investments |
| Phone Number: | 800-225-1581 |
| Website: | www.putnam.com |
| Status: | Open |
| Inception Date: | December 1, 1994 |
| Min. Initial Purchase: | $ 0 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | No |
| Front Load Maximum: | 3.25% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.50% |
Expenses and Fees | |
| Expense Ratio (%): | 1.24% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.92% |
| Share Class: | Putnam High Yield A |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
